Ready Capital Closes $13M Acquisition Loan for Houston Multifamily Property

by Taylor Williams

HOUSTON — New York City-based Ready Capital has closed a $13 million loan for the acquisition, renovation and stabilization of an unnamed, 152-unit apartment complex in Houston’s Medical Center submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

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